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Investment group JAB Holding Company announced on Monday that it
is acquiring the Einstein Noah Restaurant Group for approximately
$364.5 million. The company – which traded on the NASDAQ under
the stock symbol BAGL – owns Einstein Bros. Bagels, Noah's New
York Bagel and Manhattan Bagel, in addition to running a dough
production facility.

JAB is paying Einstein stockholders $20.25 per share, a 51
percent premium on its Friday closing price of $13.39. Shares
were up more than 50 percent on Monday, hovering at $20.15 at
1:30 p.m. ET.

"For more than a decade, we have worked closely with the Einstein
Noah Restaurant Group to execute a turnaround plan, reducing debt
and expanding its store footprint," David Einhorn, president of
Greenlight Capital, said in a statement. "JAB is an experienced firm
that will lead Einstein Noah Restaurant Group into its next
phase of growth.”

Greenlight Capital is Einstein’s largest stockholder, with more
than 35 percent of outstanding shares. The hedge fund has agreed
to tender its shares in support of the buyout.

Einstein will join a portfolio that contains a number of other
fast-casual food and beverage companies. JAB also holds the
majority stake in Peet's Coffee & Tea Inc., Caribou Coffee,
and international coffee and tea company D.E. Master Blenders
1753. Michael Tattersfield, CEO of Caribou Coffee, will serve as
chairman.

Einstein's three bagel chains operate 855 restaurants in 42
states. In August, the company posted total revenues of
approximately $112 million in the second quarter, an increase of
4.1 percent from the same quarter a year ago.